Seniors and older individuals who meet particular requirements are eligible for a number of benefits from the Canadian government. These benefits include the Old Age Security (OAS) programme which provides those 65 and older with a monthly annuity known as the Old Age pension
When one reaches the age of 65, they are qualified as seniors and are hence entitled to several benefits. One of the major benefits is the Old Age Security (OAS) pension. There are a number of other benefits including Guaranteed Income Supplement (GIS), NWT Senior Citizen Supplementary Benefit, Ontario Guaranteed Annual Income System (GAINS) Payments For Seniors etc.
What is Old Age Security (OAS) pension?
The Old Age Security (OAS) pension is a recurring payment made to people 65 and older. Depending on their situation, Service Canada may enroll them in the OAS pension automatically, or they may need to apply to obtain this pension. Seniors can receive their first payment the month after they turn 65.
Income and how long one has lived in Canada or other specific countries after turning 18 decide how much OAS one will receive. The Old Age Security pension payments are taxable.
People may be eligible for additional benefits, such as the Guaranteed Income Supplement (GIS), in addition to Old Age Security (OAS).
Guaranteed Income Supplement (GIS)
The OAS pension application should be submitted at the same time as the GIS application. The following requirements determine eligibility for GIS:
-having reached the age of 65
-being a Canadian citizen
-receiving a pension from the Old Age Security
-having a gross yearly income that is below the GIS's maximum level, which changes depending on marital status
The Guaranteed Income Supplement recipients who lost or saw a reduction in their benefits in July 2021 as a result of receiving pandemic payments in 2020 are eligible for a one time grant also.
A one-time payment for older seniors may also be available to older adults who were born on or before June 30, 1947 and who as of June 2021 meet the requirements for the Old Age Security pension.
NWT Senior Citizen Supplementary Benefit
Seniors living in the Northwest Territories and receiving federal benefits like OAS, GIS, or allowance are eligible for the NWT Senior Citizen Supplementary Benefit (SCSB). The SCSB offers a $196 monthly payout.
Ontario Guaranteed Annual Income System (GAINS) Payments For Seniors
For low-income seniors living in Ontario, the Ontario Guaranteed Annual Income System (GAINS) offers a monthly, tax-free financial assistance programme. People must fulfill certain requirements in order to be eligible for this benefit. They must be 65 years of age or older, have lived in Ontario for the past 12 months or for a total of 20 years since turning 18, be eligible for Old Age Security (OAS). There are many more requirements.